Turkish refiners reportedly cite better profit margins as the reason
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Turkey has increased oil imports from Russia to over 200,000 barrels per day (bpd) on average so far this year, up from 98,000 bpd over the same period last year, Reuters reported on Monday, citing Refinitiv Eikon data.
The report highlighted that Turkey’s Tupras and STAR refineries significantly increased their intake of Russian oil, both the Urals and Siberian Light grades, while decreasing purchases of North Sea, Iraqi and West African grades.
The Refinitiv data showed that the STAR refinery bought about 90,000 bpd of oil from Russia from January to August 2022 on average, compared to 48,000 bpd during the same period of last year.
Tupras reportedly purchased around 111,000 bpd of Russian oil on average over the period, up from last year’s eight-month figure of just 45,000 bpd, according to the data.
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“The choice for Turkey’s refiners was obvious as they have no limits on Russian oil buying,” a trader in the Mediterranean oil market told Reuters. He added that good Urals oil refining margins supported Turkish refiners’ profits.
This month, Moscow and Ankara agreed to strengthen economic cooperation in trade, transport, agriculture, finance, tourism and construction. The countries plan to boost bilateral trade to $100 billion by 2030 and cooperate on energy projects. They’ve also agreed that Turkey would pay for some of its gas imports from Russia in rubles.
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